If you are in the market for a new certificate of deposit (CD) account, it is important to do your research and compare different options. One option to consider is Truist Bank’s CD account. In this article, we will provide you with information about Truist Bank’s CD, including its terms, rates, account features, and early withdrawal penalties.
Truist Bank’s CD Terms
Truist Bank offers CD terms ranging from 7 days to 10 years. The minimum deposit required to open a CD account with Truist Bank is $2,000. The interest rate for each CD term varies and is subject to change. It is important to note that the longer the CD term, the higher the interest rate.
Truist Bank’s CD Rates
As previously mentioned, Truist Bank’s CD rates vary depending on the term of the CD. As of August 2021, the interest rates for Truist Bank’s CDs are as follows:
– 7-day CD: 0.01% APY
– 30-day CD: 0.01% APY
– 90-day CD: 0.01% APY
– 180-day CD: 0.05% APY
– 1-year CD: 0.10% APY
– 18-month CD: 0.15% APY
– 2-year CD: 0.20% APY
– 3-year CD: 0.30% APY
– 4-year CD: 0.40% APY
– 5-year CD: 0.50% APY
– 7-year CD: 0.60% APY
– 10-year CD: 0.75% APY
It is important to note that these rates are subject to change and may vary based on your location.
Truist Bank’s CD Account Features
Truist Bank’s CD account comes with a few features that may be of interest to you. One of these features is the ability to choose how your interest is paid out. You can choose to have your interest paid out monthly, quarterly, semi-annually, annually, or at maturity.
Another feature of Truist Bank’s CD account is the option to have your CD automatically renew at maturity. This means that when your CD reaches its maturity date, it will automatically renew for the same term at the current interest rate. If you do not want your CD to automatically renew, you must notify Truist Bank before the maturity date.
Truist Bank’s Early Withdrawal Penalties
If you need to withdraw money from your CD account before the maturity date, you will be subject to an early withdrawal penalty. The penalty amount varies depending on the term of the CD. The penalty amounts for Truist Bank’s CDs are as follows:
– 7-day CD: 1 day’s interest
– 30-day CD: 7 days’ interest
– 90-day CD: 30 days’ interest
– 180-day CD: 90 days’ interest
– 1-year CD: 180 days’ interest
– 18-month CD: 270 days’ interest
– 2-year CD: 365 days’ interest
– 3-year CD: 365 days’ interest
– 4-year CD: 365 days’ interest
– 5-year CD: 365 days’ interest
– 7-year CD: 365 days’ interest
– 10-year CD: 365 days’ interest
It is important to note that if you withdraw money from your CD account before the maturity date, you may receive less than your original deposit amount due to the early withdrawal penalty.
Conclusion
Truist Bank’s CD account offers a range of terms and interest rates to choose from. It also comes with features such as the ability to choose how your interest is paid out and the option to have your CD automatically renew at maturity. However, if you need to withdraw money from your CD account before the maturity date, you will be subject to an early withdrawal penalty. It is important to carefully consider your options and read the terms and conditions before opening a CD account with Truist Bank or any other financial institution.